Construct a balance sheet for the Jones family from the following information. B

Question

Construct a balance sheet for the Jones family from the following information. Be sure the format is correct. Is the jones family solvent or insolvent? Yes, no? Explain. Show all work cash on hand ($500) bank credit card balance ($5,000) auto loan balance ($20,000) mortgage ($150,000) primary residence (FMV) ($225,000 Jewelry ($1,0000) stocks ($10,000) stamp collection ($1,500) 2010 Acura ($20,000)

Explanation / Answer

Hi, If you like my answer rate me lifesaver first...that way only I can earn points. Thanks All the liability = $500 + 5000+20000 + 150000 + 10000 + 1500 = $187000 All the assets = $225000 Since assets>liability so, they are solvent. They need to sell the jewelry and pay all the dues, and after that they will have a cash balance of $38000

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---